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69% of brokers unlikely to support NewBuy in H2

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  • 20/07/2012
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69% of brokers unlikely to support NewBuy in H2
Brokers are unenthusiastic about the prospects for the NewBuy guarantee scheme during the second half of the year.

Recent figures revealed 600 reservations had been made using the scheme since its launch in March.

The latest Mortgage Solutions People’s Poll found that 69% of brokers predicted they would not complete a NewBuy deal in 2012.

However, 18% of brokers said they would complete between one and three deals with just 11% predicting they expected to complete over 4 deals.

However, Andy Frankish of Mortgage Advice Bureau said that he expects the scheme to grow in popularity in the coming months.

“It’s a hot potato right now as lenders have put panels together so that only certain brokers can put deals out.

“I think it will start to increase over the coming months as developers still have trenches of money in First Buy that they want to clear before putting more effort into NewBuy.

“Big builders have huge marketing machines and when they get behind it everyone will be aware of what NewBuy is. Momentum will build and demand will snowball from there.

“NewBuy isn’t the answer to everything but I’m sure that there will be more sold in the second half of 2012 than there was in the first.

“But I think people need to be realistic, whoever said that 100,000 homes would be sold was ridiculous. I think 40,000 over the next 3-5 years would be a big success.”

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